Most predators can actually see bright colors very well, but do not use color to determine prey items. Behavior that mimics injured or sick prey items is far more attractive to them as far as invoking the hunt instict. Shiny objects may attract fish like baracuda, but once they see they're out-sized, they become docile. As a matter of fact, bubbles from open circuit SCUBA units can actually spook alot of species that would fall into this category. I have worn bright yellow for years as an instructor so that students and groups can recognize me. In over a decade of diving with these colors, I have never noticed any different behavior from any of the animals I have encountered.

But then again, as much as I'd like to see some pretty notorious creatures underwater, I'm not sure I'd like them to be attracted to the gear I'm wearing. It's hard enough keeping the 2 legged predators on land from liking the gear I own!

I guess most predators really are attracted to bright colors which they can see from a far distance and tends to come near for curiosity. But if they found out that they're smaller they'll back out, I don't think bigger creatures would do the same...

According to many researchers it isn't so much the bright color as the contrast it provides. Many aquatic creatures have been found to be color blind or close to it and rely on other senses to locate the things that might interest them.